COMMENTING on today’s decision by The Bank of England to pump an extra £50bn into the economy via quantitative easing and to keep interest rates on hold, Richard Bottomley, president of the North East Chamber of Commerce (NECC), said: “Access to credit remains a critical issue for business, but we expect that the programme of quantitative easing will help to free the jam in the credit markets and make it easier for banks to lend and businesses to borrow once again.  “It is equally as important that Government measures, such as insuring loans and underwriting credit insurance, are implemented as soon as possible in order that confidence can return and recovery can be hastened.

“The bold cuts to interest rates made by the MPC over the last few months have taken them to an unprecedented level and, combined with the other measures taken by the Bank and the Government, they must be allowed time to work their way through the system.”